EU approves to impose punitive import duties on Chinese steel pipes

The European Union (EU) governments approved to impose punitive import duties on Chinese steel pipes used in energy sectors for five years. Reuters reported.

It’s known that a majority of diplomats approved a proposal to impose tariffs worth up to about 68% on Chinese steel pipe imports, worth €500 million a year.

In the background, Germany's Salzgitter and Spanish steel tubes maker Tubacex appealed to the EU authorities to investigate against their Chinese rivals as the stainless steel tubes and pipes from China were sold in the European market with lower prices, hurting their profits.

Meanwhile, the 68% of punitive import duties will become effective in the end of 2011 to replace the current 71.5%.